: Examine the competitive market for ground beef. Suppose that the technology used to produce beef improves (cattle farmer’s can now produce ground beef at a lower marginal cost per pound). How would this affect the market for beef? The supply curve for beef will shift to the left, thus decreasing the equilibrium price of beef and decreasing the equilibrium quantity of beef. The price of beef will rise, and the quantity supplied for beef will rise. The demand curve for beef will shift to the right, causing the equilibrium price of beef to rise. The supply curve for beef will shift to the right, causing the equilibrium price to fall and equilibrium quantity to rise.